Viewpoint: The Great Sell-off has started in real estate
. But suburban office buildings located in places such as Cary and off Falls of Neuse Road saw vacancy rates drop to 11.26 percent and 9.50 percent, respectively.had far more new leases signed
than their counterparts in the past year, with net absorption of 254,358 square feet. Cary, by contrast, registered 140,335 square feet and Falls of Neuse has 23,400 square feet of net absorption in the past 12 months. But there is a noticeable shift taking place as absorption rates in downtown properties across most of theIf the world’s largest real estate investor starts looking at office buildings in the suburbs, one of the largest beneficiaries of that trend would be retail. While parking will be a massive issue to solve because suburban office buildings’ parking density is far lower than the downtown parking equation, new restaurants, shops and walkable landscapes are sure to pop up in the future.
Municipalities may soon face a swath of rezoning requests in areas not inside the central business districts, especially if big money is lurking in the background. What remains to be seen now is whether this move is just temporary for private equity and other institutional investors parking their money in a ‘”safer” real estate haven — or are employers, investors and workers collectively convinced that people will work far longer at their home than at their office?
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